Litecoin Breaks above Previous Highs, May Face Rejection at $140


Key Highlights
LTC price revisits the resistance at $140
LTC/USD reaches an overbought region

Litecoin (LTC) Current Statistics
The current price: $120.91
Market Capitalization: $10,156,071,004
Trading Volume: $1,041,826,323
Major supply zones: $200, $220, $240
Major demand zones: $100, $80, $60

Litecoin (LTC) Price Analysis March 22, 2022
Litecoin’s (LTC) price is trading above the moving averages but may face rejection at $140. The cryptocurrency is trading in the overbought region of the market. Buyers are attempting to push the altcoin to the high of $140. On the upside, if price breaks the $140 resistance, Litecoin will rise to either $150 or $160 price levels. Conversely, if the altcoin faces rejection, the market will decline and resume a range-bound move between $115 and $140 price levels. In the overbought region, a further upward move is doubtful as sellers emerge to push prices down.

Litecoin Breaks above Previous Highs, May Face Rejection at $140
LTC/USD – Daily Chart

Litecoin (LTC) Technical Indicators Reading
The altcoin is at level 61 of the Relative Strength Index for period 14. It indicates that the altcoin is in the uptrend zone and capable of a further upward move. The crypto’s price is above the moving average which ensures further upward movement of the cryptocurrency. Litecoin is above 80% area of the daily stochastic. It indicates that the market has reached an overbought region as sellers emerge to push prices.

On the 4- hour chart, Litecoin is making an upward move but may face rejection at $140. The uptrend has reached the overbought region of the market. Meanwhile, on March 20 uptrend; a retraced candle body tested the 38.2% Fibonacci retracement level. The retracement suggests that LTC will rise to level 2.618 Fibonacci extension or level $135.02

Litecoin Breaks above Previous Highs, May Face Rejection at $140
LTC/USD – 4 Hour Chart

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.